Post Utme Unilag 2022 Accounting Question 4

Practice objective / multiple choice question 4 from the 2022 Post Utme Unilag Accounting examination.

Post Utme Unilag 2022 Accounting Objective / Multiple Choice
Question 4 POST_UTME_UNILAG • 2022 • ACCOUNTING • objective

A company's profit and loss account shows a net profit of ₦100,000. However, the company's balance sheet shows a decrease in retained earnings of ₦50,000. What is the correct explanation for this discrepancy?

Answer Options

A. The company has not yet recorded the sale of its assets.
B. The company has not yet recorded the purchase of its assets.
C. The company has not yet recorded the payment of its liabilities.
Correct Answer D. The company has not yet recorded the receipt of its liabilities.
Correct Answer
D
Correct Option:
The company has not yet recorded the receipt of its liabilities.

About This Question

This is Post Utme Unilag 2022 Accounting Question 4. It is one of the objective questions from the 2022 Post Utme Unilag Accounting examination.

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